Back to Festa's speech;
"...You know, so how do I – you know, but I know that if I fix all that, I can be profitable in the future. So I pull together investors and I buy the factory and I sink a whole bunch of money into it and, you know, retrain workers and then get paid back on the profits on the other end.
Well, why can’t we do that with fisheries? Well, first – and I hope David will address some of this – first, we have to have commitment from the government to the regulatory change. (refer to Jane Lubchenco).
And then, second, we have to have capital. And that’s where I think public-private partnerships come in because the government has the mandate and the authority to change the rules, but it doesn’t have as much capital as it once had.
The private sector has the capital but, of course, doesn’t have the responsibility of defending the public trust way the government does. So it’s a perfect partnership.
So that’s the second thing that I think needs to happen.
How much money is to be made out there, and how do we think about the risks associated with this? You know, that’s where we need your help.
Just one statistic, in all of the catch-share fisheries that have transitioned over, the value of that fishery tends to increase by – or the shares in that fishery tend to increase by a factor of four (400% PROFITS). That’s an average. The current U.S. industry is a $5 billion industry.
So, you know, it’s not – it’s not telecommunications-size money, but it’s real money."
So, that's it, in a nutshell. They are looking at $15-20 billion to be made by privatizing our Public Trust Resource with strategies from people who have already cost the American taxpayer HUNDREDS of BILLIONS of DOLLARS in failed investment schemes.
We need to demand that these extreme anti-fishing, profit-motivated corporations be removed from our fisheries management process. We need to demand that the changes to Magnuson in 2006 be rescinded and we return to sane, fair, and equitable fisheries management.
Capt. Thomas J. Hilton
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